Sarasota County, Florida Notes to Financial Statements September 30, 2022 premium for the retiree to participate in the Sheriff’s group health care plan. Pursuant to the provisions of F.S. Section 112.0801, any employee who retires and immediately begins receiving benefits from the Florida Retirement System (FRS) has the option of paying premiums to continue in the Sheriff’s healthcare plan at the same cost that is applicable to active employees. The retiree’s cost is partially offset by a subsidy from the Florida Retirement System equal to $5 per month for each year of creditable service, with a minimum of $30, and a maximum of $150 per month. Coverage can be continued for the spouse after the death of the retiree, at a retiree’s single person subsidized rate, if elected. The Sheriff has the authority to establish and amend the funding policy. The Sheriff’s Plan is currently being funded on a pay-as-you go basis. There are no assets accumulated in a trust that meet the criteria in GASB 75 for the Sheriff’s Plan as of fiscal year end. The Sheriff’s Plan remains open to new entrants. Employees Covered by Benefit Terms Actuarial reports provide information about the number of employees by type of covered within the various plans. Table below shows that number of employees covered by the benefit terms of each of the plans as of the most recent valuation. Sarasota County OPEB plan investments The primary asset classes include: . The County’s Board of County Commissioners is the Governing Body that can make changes in the fund choices or allocations. Receivables As of September 30, 2022, no amounts were due to the trust. Total OPEB liability The County’s total OPEB liability was measured as of September 30, 2022, and was determined by an actuarial valuation as of September 30, 2021, updated to September 30, 2022. The Sheriff’s total OPEB liability was measured as of September 30, 2022 and was determined by an actuarial valuation as of September 30, 2021. Sarasota County Sheriff Total Plans Active participants 2,600 959 3,559 Beneficiaries receiving benefits 169 177 346 Total 2,769 1,136 3,905 Asset Class Portfolio Allocation Amount in Trust as of: October 1, 2022 Cash 0.20% 15,879 $ Broad Market High Quality Bonds 20.00% 1,587,918 $ Core Plus Fixed Income 19.30% 1,532,340 $ Diversified Large Cap 19.70% 1,564,100 $ Diversified Small to Mid Cap 10.60% 841,596 $ International Equity 14.70% 1,167,119 $ Core Real Estate 15.50% 1,230,636 $ 100.00% 7,939,588 $ 149
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